I barely recognized it because it was on the edge of town on much more property and I realized it was vacant!  

Building at face value appears solid, but I'm not a structural engineer and haven't gotten a look inside.

In any event, I think it's clear that construction of an entire new roof would be capitalized, fully removing all old shingles, and re shingling from scratch to a bare roof likewise would probably require capitalization, but simply laying a new layer of shingles over the existing shingles (which can be done in this case since its the original roof with only 1 layer of shingles), is a much closer call.thanks for all the input

I barely graduated high school, yet I own 64 rental units and between that and a painting business I started 3 years ago I will never have to have a job again.

I have a few tough situations I'm facing already with inheriting a tenant, but I will get into those details in another post!

I'd like to think things will end up being better - less maintenance fees and less vacancy, but I'm trying to consider a reasonable worst case baring something like sewer problems.The town has a medical school, and students have a hard time finding places to rent - there's a crappy set of apartments near the school that rents a tiny 3BR for $800.  

But how can I tell if my local rent market can bare a certain level of rent increase?

Pretty crazy for a 26 year old, but it's just the challenge I am faced with. 

Only way it seems that you can make money is to buy with all cash and then you are making some pretty paltry returns that will barely keep up with inflation. 

Good to see a familiar face.